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Significant Facts About Student Credit Cards
The issues concerning students in deep credit card debts are in some ways true and may happen to anyone. There are plenty of non-profit foundations and financial counseling centers that prove the existence of students who are financially drowned in debts. Despite the aforesaid alarming situation, counselors still manage to encourage college students to acquire their own credit cards. These counselors would profess that while there are students experiencing such a disturbing phenomenon in their lives there are those who responsibly managed their finances. The bottom line according to them is discipline in terms of handling the finances and the parent's role must be encouraged. Student credit cards can be acquired by young adults that are still studying.
Even without a job or credit history, one can actually have his own credit card. For as long as you maintain a good credibility with the company, your card will ever be active. According to studies, college students are very good payers and this maybe one of the reasons why lending companies still eyes students as major clients. The problem between choosing a regular credit card and a student card may be better answered this way. Student credit cards are actually considered as unsecured credit cards.
Unsecured in the sense that companies cannot make or find any property owned by the student to be made as collateral. Just because student credit cards are normally unsecured, the interests that are asked from the clients by the company are much higher as compared to the regular credit cards. Student credit cards maybe best suited to students who do not have yet jobs and credit histories. Students can easily have this kind of credit card since companies are very much determined that when students graduate the possibility is that they will continue doing business with these companies. Student credit cards may have lower credit limit as intended to regulate the expenses of the student as to the point that the student can easily pay for the debts. If you are a student but is working or owns a business, applying for a student credit card may not be best for you. Regular credit cards may have broader credit limits and asking for lower interest rates. Student credit card companies give rewards and other freebies to students who would apply for a credit card. This is their way of selling their product to the group of people they intend to cater. Parents are actually asked by many sectors to monitor their offspring's finances.
According to researches, most of the teens or students that are in deep debt are those who were irresponsible and lack parental guidance. Student credit cards are considered as the very first step in building one's credit credibility. On the contrary, irresponsibly, it can ruin the same. Credit cards are very important especially to young adults who are beginning to capture the world. Credit cards can be very useful for them to rent apartments, be employed, acquire another credit line etc. It can also be used to purchase a car, buy a house or other properties. However, having bad credibility guarantees no other benefits. When credibility is at stake, it is better to take heed and be responsive. Credit cards, particularly student credit cards, can be very helpful. For students, it can help them cross the bridge in college.
For parents it can help them help their children.
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